China among worst markets for Walmart

Boston

AFTER years of heralding China as one of its best markets, Walmart in August said its performance there was among the worst in its major countries. A management shake-up and job cuts have followed.

Although the reversals seem abrupt, cracks in the foundation of Walmart's retail business in China have been developing for years, hidden by questionable accounting and unauthorised sales practices, according to employees and internal documents reviewed by Bloomberg.